5 ways banks can improve CX

Published: Thursday, October 8th, 2020

5 ways banks can improve their CX

Banks and other financial institutions face increasing customer competition from new and exciting fintech companies.

In an era of increased competition and the ease of switching providers, banking institutions are only one negative customer experience away from a lost customer. According to research, over 50% of customers would switch/consider switching provider after a poor customer experience.

Imagine losing half of your customers because your CX agents weren't able to find information about closing an account easily or couldn’t answer questions on loan rates on time. We all know that there’s nothing worse than being left on hold, listening to elevator background music, while the person on the other end of the phone is running around trying to find the answer to your problem. We’ve all been there!

Empowering your employees with company knowledge is the best training tool you can provide. We’ve outlined five transformative ways banks can improve their CX with Nugget, making your team more efficient and productive.

Up-to-date knowledge

The banking and financial industry is constantly evolving, and so are their customers. People want to know everything from home mortgages to resetting passwords to online banking – and all in a matter of minutes. Your team often needs access to confidential data as well as governed information. It’s important that this information is always up to date and accurate. For example, if a customer enquires about loan rates, your agent can ask Nugget, and he will bring up the most relevant information in snippets. This means that the data shared with the customer is always the most up to date version.

As well as that, Nugget can provide relevant feedback to your organisations about the most asked FAQs and can provide indicators regarding customer needs and allows for further processes to be simplified and streamlined in-branch.

Say goodbye to long waiting times and being put on hold!

Did you know that 67% of customers hang up the phone in frustration when they cannot reach a customer service rep. Yikes! That is not a statistic your business wants to ignore. With Nugget, he reduces the average handling time by arming employees with the right answer, every time, on time.

For example, a customer asks how to freeze their mortgage during the COVID-19 pandemic, your agents ask Nugget and he will immediately connect you with a perfect short snippet of information which allows them to discuss options with the customer to meet their needs.

Seamless Integration

Using the example above, your agent knows that this information is beneficial to other team members, so shares it within a group in Microsoft Teams. This ensures your brand is consistent and the information shared both internally and externally is the same across all departments. There is nothing more frustrating when one CX agent has told you one thing, and you hear something different from someone working in the same company.

Brand consistency and communication is crucial for keeping happy customers. In fact, 72% of customers blame poor customer service for having to explain their issue multiple times.

Trust and security go beyond a customer's money

From saving for your first car, to investing in a new start-up, to paying for your weekly shop – we rely on banking and financial organisations to mind all our hard earned dolla bills. We’re not going to choose a bank if we don’t trust them and if their security is questionable – no matter how good their rates are.

Customers not only trust banks with their money, but with their data too – which can sometimes be more valuable. There's comfort for customers knowing that CX agents will always deliver accurate and secure information. While tribal knowledge and desk conversations are helpful, Nugget is your most trusted ally when it comes to accurate information. A simple question into Nugget gives both your employees and customers confidence in knowing they’re always getting the right data.

Be a CX hero, anywhere in the world

Gone are the days where desk hopping, and quizzing colleagues is the best way to find an unanswered customer's query. Covid-19 has accelerated remote work and encouraged the need for digital transformation. Nugget gives your team access to accurate and relevant company information whether they're in the office or home study. This means that your bank's customers will always receive accurate information and employees can enjoy flexible working solutions. We know that happy employees are productive ones. Happy employees = happy customers! It’s a no brainer.

According to Harvard Business Review, new customers can cost anywhere between 5 and 25 times more than retaining existing customers. We all know that CX is important, but that big juicy statistic there proves how much value there is in keeping existing customers happy.

Nugget is now available to download (woohoo!) off the Microsoft Teams app store. If you’re a new customer and convinced you need to add this little guy to your team, get in touch with us!


Tags: Customer Experience